Know the key focus areas well. There could be too many problems that you want to resolve but the wise thing to do is to analyse and identify the critical ones. Utilise your spends and resources on finding solutions that get you close to making a mark by differentiating and becoming market leaders.
- Organic is the way to go! Limit your marketing budget to certain important channels that bring you revenue and visibility. Optimise the channels that work the best for your business and help in reaching your target audience. Organic growth is important for your business and one should look out for innovative ways to multiply it. Adding value to your services and giving your customers the best experience is how you can fetch big numbers organically.
- Build a team to beat the warriors. Structure your teams correctly and utilise the team strength to the optimum, such that strategies and functions run effectively. Identify the imperative job roles and clinically trim the team size according to the need of the hour. Downsizing is a call that one needs to take when it’s a question of balancing resources at hand and organisational goals.
- Don’t count on discounts. Discount works well, so does the lure of ‘FREE’; but these are just some of the many ways to pull customers and should not become your core pull strategy. Of course, everyone is playing on humongous discounts, especially in the online space, but you have to make sure that this does not come across as your value proposition. Driving the pull through strong and differentiating USPs is more important than discount-driven transactions.
- Head on with a plan in place. All the right things can go down the drain if your planning is not up to the mark. Have an overall target planning for a quarter, keeping in mind all external and internal factors. Planned execution will not only help in smooth functioning but also save ad-hoc expenses for the start-up.
The author Sumit Chhazed is the co-founder of CredR